Mitsubishi Motors Corporation (MMC) has revealed its new “Small but Beautiful” three-year business plan, which is aimed at cost rationalisation and profitability enhancement to secure sustainable growth for the carmaker’s future.

“We will shift our strategy from all-round expansion to selection and concentration. First of all, we will complete our structural reforms and further strengthen our competitive areas – ultimately to build a corporate structure that can surely generate profits during this mid-term period,” said MMC representative executive officer and CEO Takao Kato.

The plan will see MMC concentrate its resources on the ASEAN region, where it is competitive, with enhancements to its line-up that includes various technologies: plug-in hybrid, hybrid and all-wheel drive. With this, the company is looking to increase its market share in the region by at least 11% and reduce fixed costs by 20% or more compared to financial year 2019 (FY2019), which ran from April 1, 2019 to March 31, 2020 – the company is currently in FY2020 (April 1, 2020 to March 31, 2021).

New products will be key to achieving these goals, and there are a few in store for the ASEAN region. By FY2022, Mitsubishi will introduce a new Triton pick-up truck, which will then be followed by a hybrid version of the Xpander from FY2023. During that period onwards, updated versions of the Xpander and Pajero Sport will also make their debut, along with two unknown, all-new models.

Details about these upcoming models weren’t provided, but Mitsubishi says some of them will feature next-generation diesel and electrified powertrains, along with technologies adopted from Alliance members Nissan and Renault.

Beyond the ASEAN region, Mitsubishi also plans to release a plug-in hybrid version of the Eclipse Cross within FY2020. As it mentioned previously, the new Outlander will arrive in the second quarter of 2021, where it will be joined by a China-only electric vehicle jointly developed with GAC. Other planned models include a PHEV version of the fourth-gen Outlander in FY2022, while a joint study for a kei car EV with Nissan was also mentioned.